Friday, July 9, 2010

Cooperative Bank to open more branches

Sri Gokarnanath Cooperative Bank Ltd is opening its 13th branch at Regal Plaza, on Mission Street. The branch will be inaugurated by former union minister B Janaradhan Poojary on Friday. The bank started operations as a cooperative society at Kudroli area in 1925, and then in 1971 it was upgraded in a town cooperative bank.

A Shivananda Karkera, president of the bank told reporters since its set up, bank has been catering to the needs of backward and economically weaker sections of the society by providing them with group financial lending. The bank as per permission granted by the Reserve Bank of India aims to open one branch each year. He said, "RBI allows a bank of our nature to add 1 per cent of its existing branches in the form of new branch."

For the last 47-years bank has been earning profit continuously and has provided dividend to its members. In 2008-09 bank had declared a dividend of 20 per cent and earned a profit of Rs 93.86 lakh during 2009-10. The bank’s capital adequacy ratio is 19.37 per cent, which is above RBI norms, and it showed losses of 0.6 per cent. The bank as per audit classification has been rates A category bank, informed Karkera.

In the near future bank will be computerizing all its branches and administrative head office in a phased manner. At present out of 12 branches 7 are computerized. Kumble Sundar Rao, president, Karnataka Yakshagana Bayalatta Academy will be inaugurating the safe lockers at the new branch. K N Vijayaprakash, commissioner, MCC will inaugurate the computerized office. B R Bhat, general manager, Corporation Bank will preside.